About a year ago, a new crypto exchange with ambitious features and competitively low fees was teased on Australian Crypto groups. Swyftx has since launched its main website alongside a paper trading competition so that users can test its exchange interface. But is it a worthy competitor?
Some of their promised features include 1% fees, full order books, stop-limit orders, and an affiliate program for users. The paper trading platform has operating stop-limit orders and offers 30 coins including Bitcoin, Tron, Power (PWR), SALT, and many more.
The paper trading simulation users $20000 simulated Australian Dollars and lets them trade cryptos as they normally would. There are prizes for winners and a scoreboard so you can track your progress. Oddly, you are assigned an avatar instead of a profile picture. These avatars are Nintendo motifs instead of a conventional profile picture. Hopefully this is only a feature during the paper trading contest. as profile pictures or avatars aren't necessary for exchanges.
The trading platform offers a relatively minimal, modern design. It is compact and requires little scrolling through webpages unlike Coinspot. The Menu (below, left hand corner) can transition in and out awkwardly at times and be difficult to scroll through the 'assets' section. Furthermore, one issue is the charts. they're awfully crammed into a small on-screen area and don't offer a simplified view. Although users can choose to show either bars, candlesticks or lines, all the on-screen information remains evident and frankly in the way. I prefer Coinspot's charts. If I wanted all that information, I'd just visit trading view instead of viewing it through Swyftx.
So far, Swfytx is a promising exchange platform and valid competitor here in the Aussie market. It will; however, be a matter of seeking if they meet all these ambitious promises once they officially launch. Another issue nowadays if security and Swyftx could be more transparent about how their features like offline storage work.
Sign up for the paper trading competition here - you could win some awesome prizes.
Note: This is an affiliate link. I will receive 20% of the 1% trade fees that Swyftx collect. (Provided you make purchases on the platform after its paper trading phase).
